Van ECK Associates Corp Sells 49,070 Shares of Infosys Limited (NYSE:INFY)

Van ECK Associates Corp reduced its holdings in Infosys Limited (NYSE:INFY - Free Report) by 10.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 418,301 shares of the technology company's stock after selling 49,070 shares during the quarter. Van ECK Associates Corp's holdings in Infosys were worth $9,290,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Americana Partners LLC boosted its holdings in shares of Infosys by 6.0% in the third quarter. Americana Partners LLC now owns 13,723 shares of the technology company's stock valued at $306,000 after acquiring an additional 776 shares in the last quarter. US Bancorp DE grew its position in Infosys by 39.5% during the 3rd quarter. US Bancorp DE now owns 272,974 shares of the technology company's stock worth $6,079,000 after purchasing an additional 77,226 shares in the last quarter. Financial Advocates Investment Management raised its position in Infosys by 5.9% during the third quarter. Financial Advocates Investment Management now owns 22,574 shares of the technology company's stock valued at $503,000 after buying an additional 1,262 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of Infosys by 9.8% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 76,989 shares of the technology company's stock valued at $1,715,000 after acquiring an additional 6,852 shares in the last quarter. Finally, abrdn plc raised its holdings in shares of Infosys by 164.4% during the 3rd quarter. abrdn plc now owns 321,227 shares of the technology company's stock valued at $7,123,000 after purchasing an additional 199,748 shares in the last quarter. Institutional investors and hedge funds own 10.89% of the company's stock.

Infosys Trading Up 0.5 %

INFY stock traded up $0.11 during mid-day trading on Thursday, hitting $21.51. 8,344,151 shares of the company were exchanged, compared to its average volume of 9,314,179. Infosys Limited has a 1-year low of $16.04 and a 1-year high of $23.48. The business has a 50 day simple moving average of $22.50 and a 200-day simple moving average of $20.35. The stock has a market capitalization of $89.09 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 3.34 and a beta of 1.00.

Infosys (NYSE:INFY - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The technology company reported $0.19 EPS for the quarter, meeting analysts' consensus estimates of $0.19. Infosys had a return on equity of 31.43% and a net margin of 17.15%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the prior year, the firm posted $0.18 EPS. Equities research analysts expect that Infosys Limited will post 0.75 earnings per share for the current year.

Infosys Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Tuesday, October 29th. Investors of record on Friday, January 1st were paid a $0.2126 dividend. This is a boost from Infosys's previous semi-annual dividend of $0.20. This represents a dividend yield of 1.1%. The ex-dividend date was Tuesday, October 29th. Infosys's payout ratio is 55.13%.

Wall Street Analyst Weigh In

INFY has been the subject of several research analyst reports. Investec cut Infosys from a "hold" rating to a "sell" rating in a research report on Thursday, October 3rd. StockNews.com downgraded Infosys from a "buy" rating to a "hold" rating in a research report on Thursday, October 31st. Erste Group Bank upgraded Infosys from a "hold" rating to a "buy" rating in a report on Wednesday, September 11th. Macquarie raised Infosys from an "underperform" rating to a "neutral" rating in a research note on Friday, July 19th. Finally, BMO Capital Markets lifted their price target on shares of Infosys from $23.00 to $25.00 and gave the company a "market perform" rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Infosys has an average rating of "Hold" and an average target price of $20.85.

About Infosys

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.